General Partner
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Term
Main definition
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With respect to a venture capital fund organized as a limited partnership, the partner designated and responsible for all aspects of managing the fund, including communicating with limited partners, raising capital for the fund, screening and making portfolio investments, nurturing and overseeing portfolio companies, and assisting with effecting exits and liquidity. The general partner, which is typically organized as an LLC, earns a management fee a percentage of the fund's profits (known as the carry or carried interest). See also Limited Partners.
